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Rupee gains 7 paise to 70

Rupee gains 7 paise to 70.34 in early trade

Fri Jan 11 2019

 

The rupee appreciated by 7 paise to 70.34 against the US dollar in opening trade on Friday, driven by gains in domestic equities and weakening of the greenback in overseas markets.

 

The rupee opened strong at 70.38 at the interbank forex market against previous close of 70.41 a dollar then gained further ground and touched a high of 70.34 amid positive opening in domestic equities, displaying gains of 7 paise against the greenback.

 

On Wednesday, the rupee had risen by 5 paise to close at 70.41 against the US dollar. Forex dealers said, selling of the American currency by exporters and easing crude prices supported the rupee in early trade. Meanwhile, brent crude, the global benchmark, was trading lower at 61.57 per barrel lower by 0.18 per cent. Traders said, sustained foreign fund outflows however restricted the rupee up move.

 

Source: https://www.thehindubusinessline.com/

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